Ormeus Coin (ORME) Jumps 2,478% in a Week; The Product of Helpful Rumours?
Another new altcoin jumped into the market cap top hundred this week as Ormeus Coin (ORME/ORMEUS) hit 2,478% growth over seven days.
Ormeus has been around since 2017, and appeared to be all but forgotten for most of the previous year as it sunk to a total market cap of $275,000.
Today that market cap stands at $46 million, and the recent surge may have been helped by one or two rather helpful rumours concerning an upcoming exchange listing.
Exchange Rumours Carry Ormeus to Moon?
At the start of May, the HitBTC cryptocurrency exchange facilitated a new token release by Ormeus, which saw ORME tokens changed for ORMEUS tokens (some tickers still say ORME) Although HitBTC does not trade Ormeus Coin as of yet, they ended their March 1st token swap announcement by urging people to stay tuned for a possible future listing.
“The new $ORMEUS coin will be re-launched on HitBTC, however, no swapping will be made automatically by the exchange. Wait for the official announcement from Ormeus or HitBTC. Trading pairs for ORMEUS/BTC, ORMEUS/ETH are coming soon!”
Then, just a few days ago, this article appeared which bore the hopeful title of ‘5 Cryptocurrency Projects to Watch Including New Ormeus Ecosystem As Altcoin Season Returns’.
Here goes my cynicism again, but… this bears all the hallmarks of a bought and paid for article. The post lists five cryptocurrencies: ChainLink (LINK), Stellar (XLM), Cardano (ADA), Tezos (XTZ) and… Ormeus Coin.
The section on Ormeus ends with an absolute cracker of a line:
“A rumoured listing on Binance could propel the token higher in the coming months…”
But Is It True?
Well, you have to admit it’s true – a rumoured listing on Binance would propel any token higher in the coming months. The question is: does the rumour have any truth to it? I could find no mention of a Binance listing on the project’s Bitcointalk forum page, on which there have only been eight pages created since August 2017.
The token’s Etherscan page shows just 73 active addresses, with just 164 transfers carried out between them. The coin’s only current exchange listing is on Bibox, where all of its volume has arrived via ORMEUS/BTC, ORMEUS/ETH and ORMEUS/BIX pairs.
This time last week one ORME/ORMEUS token was valued at just over $0.05. Seven days later and we’re looking at a token price of $1.33.
That’s a new 11-month high, and takes the token back to its May 2018 price, when it got caught up in the altcoin pump of that spring.
What is Ormeus Coin? An Ethereum-based token backed by a reserve of Bitcoin, produced by a $250 million green-energy mining farm which carries 200-250PHS worth of mining power. Take a look at the Bitcointalk forum page for more information on this one.
Disclaimer: The author owns Bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.
Featured image courtesy of Shutterstock.